UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15 (d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
September 12, 2005
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FOODARAMA SUPERMARKETS, INC.
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(Exact name of registrant as specified in charter)
New Jersey 1-5745-1 21-0717108
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
Building 6, Suite 1, 922 Highway 33, Freehold, New Jersey 07728 (Address of
principal executive offices) (Zip code)
Registrant's telephone number, including area code:(732)462-4700
Not Applicable
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(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Section 2-Financial Information
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Item 2.02. Results of Operations and Financial Condition.
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On September 12, 2005 Foodarama Supermarkets, Inc. issued a press
release announcing its consolidated financial results for its third quarter
ended July 30, 2005. A copy of the press release is furnished as Exhibit 99.1 to
this current report.
The information furnished under Item 2.02 of this current report,
including Exhibit 99.1 hereto, shall not be deemed "filed" for purposes of
Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange
Act"), or otherwise subject to the liabilities of that section, nor shall it be
deemed incorporated by reference in any document filed under the Securities Act
of 1933, as amended, or the Exchange Act, except as shall be expressly set forth
by specific reference in such filing.
Section 9-Financial Statements and Exhibits
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Item 9.01. Financial Statements and Exhibits.
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(c)Exhibits:
Exhibit No. Description
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99.1 Press Release, dated September 12, 2005,
of Foodarama Supermarkets, Inc.
Re: Consolidated Financial Results
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
FOODARAMA SUPERMARKETS, INC.
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(REGISTRANT)
By: /S/ Michael Shapiro
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Michael Shapiro
Senior Vice President
Chief Financial Officer
Date: September 14, 2005
EXHIBIT INDEX
Exhibit No. Description
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99.1 Press Release, dated September 12, 2005, of
Foodarama Supermarkets, Inc. Re: Consolidated
Financial Results
EXHIBIT 99.1
Foodarama Supermarkets, Inc.
Building 6, Suite 1
922 Highway 33
Freehold, N.J. 07728
CONTACT: Michael Shapiro
Senior Vice President
Chief Financial Officer
(732) 294-2270
FOR IMMEDIATE RELEASE
FOODARAMA SUPERMARKETS, INC. REPORTS
THIRD QUARTER AND NINE MONTHS RESULTS
Freehold, N.J., September 12, 2005 -- Foodarama Supermarkets, Inc.
(ASE-FSM) today announced that sales for the 13 weeks ended July 30, 2005
totaled $304,462,000, compared to $302,799,000 in the prior year period. Same
store sales from the twenty four stores operated in both periods decreased 1.0%
period to period. The decrease was primarily due to the effect of competitive
store openings and the impact from the opening of a new Foodarama location on
several of its existing stores, partially offset by comparable store sales
increases in locations not affected by competitive openings. Sales for the
current quarter included the operations of new locations in Aberdeen, New Jersey
opened in May 2004 as well as the location in Bordentown, New Jersey purchased
from Wakefern Food Corporation in June 2004. The location in Aberdeen replaced
an older, smaller store in the same location.
In the current quarter net income was $553,000 or $.54 per diluted share.
The Company's earnings before interest, taxes, depreciation and amortization
("EBITDA") for the third quarter ended July 30, 2005 were $11,196,000.
For the thirteen weeks ended July 31, 2004 net income was $496,000 or $.48
per diluted share. The Company's EBITDA for the third quarter ended July 31,
2004 were $10,756,000.
Sales for the 39 weeks ended July 30, 2005 were $914,086,000 compared to
$875,335,000 in the prior year period. Same store sales from the twenty three
stores operated in both periods decreased 1.4% period to period. The decrease
was primarily due to the effect of competitive store openings and the impact
from the opening of the new Foodarama locations on several of its existing
stores, partially offset by comparable store sales increases in locations not
affected by competitive openings. Sales for the current 39 week period included
the operations of the new Lawrenceville and Aberdeen, New Jersey locations as
well as the location in Bordentown, New Jersey. The Lawrenceville store opened
in April 2004.
For the 39 weeks ended July 30, 2005 the Company reported net income of
$860,000 or $.83 per diluted share. The Company's EBITDA for the nine months
ended July 30, 2005 were $32,228,000.
For the 39 weeks ended July 31, 2004 net income was $2,692,000 or $2.62
per diluted share. The Company's EBITDA for the nine months ended July 31, 2004
were $31,666,000.
EBITDA is presented because management believes that EBITDA is a useful
supplement to net income and other measurements under accounting principles
generally accepted in the United States since it is a meaningful measure of a
company's performance and ability to meet its future debt service requirements,
fund capital expenditures and meet working capital requirements. EBITDA is not a
measure of financial performance under accounting principles generally accepted
in the United States and should not be considered as an alternative to (i) net
income (or any other measure of performance under generally accepted accounting
principles) as a measure of performance or (ii) cash flows from operating,
investing or financing activities as an indicator of cash flows or as a measure
of liquidity. The following table reconciles reported net income to EBITDA:
Thirteen Weeks Ended Thirty Nine Weeks Ended
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July 30, 2005 July 31, 2004 July 30, 2005 July 31, 2004
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Net income $ 553,000 $ 496,000 $ 860,000 $ 2,692,000
Add:
Interest expense, net 4,547,000 4,224,000 13,777,000 11,798,000
Income tax provision 339,000 304,000 528,000 1,651,000
Depreciation 5,495,000 5,580,000 16,487,000 15,146,000
Impairment loss 163,000 - 163,000 -
Amortization 99,000 152,000 413,000 379,000
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EBITDA $11,196,000 $10,756,000 $32,228,000 $31,666,000
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FOODARAMA SUPERMARKETS, INC. AND SUBSIDIARIES
Consolidated Operating Highlights (Unaudited)
For the 13 Weeks Ended July 30, 2005 July 31, 2004
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Sales............................. $ 304,462,000 $ 302,799,000
Net income ....................... 553,000 496,000
Net income per diluted share...... $.54 $.48
Average shares outstanding........ 1,027,862 1,038,041
EBITDA............................ $ 11,196,000 $ 10,756,000
For the 39 Weeks Ended July 30, 2005 July 31, 2004
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Sales............................. $ 914,086,000 $ 875,335,000
Net income........................ 860,000 2,692,000
Net income per diluted share...... $.83 $2.62
Average shares outstanding........ 1,031,904 1,027,760
EBITDA............................ $ 32,228,000 $ 31,666,000